One of the largest independent producers of crude oil and condensate in North America, Ovintiv Canada ULC, has finalized an agreement with PetroChina Canada (PCC) to terminate the parties’ joint venture (JV) and transfer the ownership and operation of certain Duvernay shale assets in west-central Alberta, according to a press release.
The two companies are in agreement to partition the Duvernay acreage and associated infrastructure and will independently own and operate their interests going forward. Ovintiv will have a consolidated interest in approximately 250,000 net acres and its Q2 2020 average net daily production from the Duvernay was approximately 13,000 barrels of oil equivalent (boe/d).
There were no penalties or fees incurred with the termination of the JV. Ovintiv and PCC have been in a productive JV in the Duvernay since 2012.